Fannie Mae Energy Improvement Feature, Whither Art Thou?

Late last year Fannie Mae rolled out a new product, its Energy Improvement Feature (EIF).  The EIF replaced the Energy Efficiency Mortgage.  On paper, the EIF seems to be a significant improvement, allowing up to 10% of the completed appraised value of the home to be for energy upgrades, up from the previous 5% cap.  So far, lenders in Arkansas seem clueless about the new program.  Is there a problem with the EIF, or a problem with Fannie Mae's promotion of the program, or what?  These refinance transactions should be flying off the shelf.  Clues, ideas, personal experience?

Views: 66

Reply to This

Replies to This Discussion

Given the paltry penetration of federal products over the years - FHA wrote only 1,006 EEMs in 2007 - poses at least two possible interpretations.  The Feds are removed and unable to effectively drill down to localities and/or these programs are merely window dressing to convey the impression they are making a contribution they are, in fact, not really that keen on.

Dorian, thanks for the feedback.  You may be right about the Fed lack of interest.  What struck me about the new Fannie Mae instrument is that lenders don't know about it.  In business, if you roll out a new product, you market the hell out of it, right?  If you want to be successful, that is.  I first learned about the Energy Improvement feature from RESNET about 5 months after the program was introduced.  I made contact with some bankers and lenders, and it was news to everyone I spoke with.  How hard is it to send an e-mail blast to your clients?  Fannie Mae could have made that program national news if they half tried. 

If anyone has actually used this Fannie Mae instrument, I would love to hear about it.


Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.  Home Energy Pros is sponsored by the Better Buildings Residential Network.

Latest Activity

Bud Poll replied to John Carton's discussion Smoke Puffer stick
"Hi John, I recently purchased some used equipment and they included their smoke-pen.  I had…"
11 hours ago
Ryan Puckett is now a member of Home Energy Pros
20 hours ago
Mary Desilva posted a blog post

Why Do You Need Wet Basement Waterproofing Before It Is Too Late?

The thought of establishment repair is sufficient to make most property holders alarm, however how…See More
John Carton posted a discussion

Smoke Puffer stick

Does anyone have any suggestions for an easy to use and rugged smoke puffer stick?Prefer not to…See More
Profile IconJesse, Daniel and John Carton joined Home Energy Pros
John Kaye commented on Diane Chojnowski's group Home Energy Pros on Twitter
"Happy Halloween Home Energy Pros tweet me"
John Kaye joined Diane Chojnowski's group

Home Energy Pros on Twitter

We've created a twitter list of members of Home Energy Pros who tweet!See More
EnergyLogic Academy posted blog posts

© 2015   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service